Lithuania Ready to Embrace Bitcoin and Blockchain Technology

A new Bitcoin conference will be coming to Europe later this year, and it will be held in Lithuania. Simply dubbed “Bitcoin Conference 2016”, the goal is to attract startups, companies, and investors from all over the world to Lithuania. . This move seems only natural, as an announcement regarding blockchain technology and digital currencies was made by the Lithuanian Vice-Minister of Economy.

Bitcoin And Blockchain Are Of Great Value To Lithuania

More and more people around the world are starting to see the benefits of both Bitcoin and blockchain technology, which can only lead to further innovation in both industries. Lithuania is the latest region warming up to the concept of Bitcoin, as the country’s Vice-Minister of Economy has mentioned how Lithuania plans to invest in both blockchain technology and digital currencies.

It is no secret how blockchain technology and Bitcoin are one of the most exciting things to happen to the financial world in quite some time. Given the fact how prone this sector is to disruption, Bitcoin seems to hold the upper hand is gaining mass adoption, as it is the only form of value that can be used and transferred around the world regardless of bank participation.

Becoming a leader in the field of Bitcoin and blockchain technology will be a big challenge for Lithuania, but Vice-Minister of Economy Marius Skarupskas is confident they can pull it off. By investing in key companies and startups, Lithuania could very well become the next Bitcoin hub of Europe.

The Baltic States will be treated to the largest Bitcoin Conference to take place there to date, and the event will last for one full day. As one would come to expect, the city to be will be Lithuania’s capital city of Vilnius, which is easily accessible through all forms of transportation. Exact event details will be communicated at a later date.

Vilnius Mayor Remigijus Šimašius stated the following:

“We’re happy that international companies think of Vilnius in terms of financial innovation increasingly often. We want to take a step further and to become a regional innovator in the field of young financial businesses, known as FinTech all over the globe. The conference scheduled to take place in April will provide an excellent opportunity to find out about the latest financial innovations and, with the assistance of professionals, scrutinise the possibilities that bitcoin has to offer.”

Financial Innovation Is Booming in Lithuania

Blockchain and Bitcoin are not the only financial innovation areas of interest to the country of Lithuania these days, as there is a large focus on FinTech in general. Lithuania has a large Research Development sector, and major players such as Western Union and Barclays are venturing into the country as a result.

Adding digital currency to the growing list of financial innovations of interest to the country will only bring more legitimacy to Bitcoin and the blockchain. Innovation should be stimulated, and not hampered by harsh regulation that isn’t doing anyone any favors.

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.